NJ Online Gambling Revenue Is Up 30%
New Jersey’s online gambling market has seen some impressive numbers this year. A recent report has shown that there has been a 30% increase in revenue from this time last year, an impressive rise worth $26.8 million. The state’s land-based market has also continued to improve, invalidating concerns that online gaming would cannibalize in-person gambling.
Huge Results from Online Gaming
In the 12 months until October 2018, overall online gaming revenue in New Jersey reached $242.7 million. The company that has seen the biggest improvement is the Golden Nugget, which has posted a 57.6% rise in revenue of $9.6 million over the course of the past year.
As one of the most successful online gaming operators in New Jersey, the Golden Nugget has aimed to recreate its triumph in Pennsylvania. The company has been making moves to become one of the state’s first online casino operators and, if it’s performance in New Jersey is anything to go by, the Golden Nugget is sure to attract plenty of players across the Keystone State.
Other casinos that have seen impressive growth over the past year are Harrah’s and Ocean Resort. Respectively, these popular operators earned $595 000 and $1 million in online gambling revenue over the course of the past year – proving that there is plenty of wealth to go around in New Jersey’s online gambling market.
Crushing Concerns About Digital Casinos
When the idea of online gambling was just a twinkle in the eye of New Jersey lawmakers, there were huge concerns about whether or not it would have a negative affect on the state’s land-based casinos. Brick-and-mortar operators were concerned that local players would choose to play online rather than in person due to convenience, but this continues not to be the case.
Revenue at land-based casinos in Atlantic City has remained steady, even with online gambling numbers on the rise. Across New Jersey, land-based casinos saw an 8% increase in revenue and earned $200 million.
The model for online gambling in New Jersey is a great example that proves digital casinos are no threat to their land-based counterparts. Brick-and-mortar venues continue to see revenue growth year-on-year, even as online gambling continues to expand.
So, it’s no wonder several other states have decided to model their newly regulated online gambling markets after New Jersey’s gaming laws. States like Pennsylvania are sure to see similar success in both online and land-based gambling when their online gambling activities go live in the next few months.
Online gambling revenue in New Jersey has only continued to climb, ever since the market opened up several years ago. Growth shows no signs of slowing down, and we’re sure to see even more impressive jumps in profits in the next few years.